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Rosso's Red Circle Investments and Luca Marzotto invest in Depop app

by Maria Cristina Pavarini — October 18, 2013

Depop, a social shopping app through which anyone can buy and sell desirable goods, has closed a seed funding round of $1 million. Led by Red Circle Investments, the investment company run by the Rosso family, owners of Italian fashion holding Only The Brave, and joined by Luca Marzotto, board member of the Hugo Boss Group.

Depop, which launched on iOS devices in early 2013, has been developed to meet the demand of creative individuals, independent retailers and brands who want to buy and sell goods through a mobile device within a passionate, like-minded community. Already with one million items listed, the free-to-download app allows sellers to simply take a photo of the product and upload it to their profile page. They can then enter a description, including price, location and delivery details before making it publicly available. The integrated social features enable users to follow each other, post comments, plus share their activity with other social networks, such as Facebook and Twitter, allowing sellers to further promote what they have for sale. When a buyer wishes to make a purchase, they pay through Depop via PayPal, which ensures transactions are secure.

Depop was founded in 2011 by Simon Beckerman, whose previous businesses include PIG, a monthly music, fashion and lifestyle magazine and the Italian brand Super Sunglasses. After graduating from the startup incubator H-Farm, where the concept for Depop was realised, he raised €1 million in funding from Balderton Capital and Holtzbrinck Ventures.

Depop can now be downloaded and used by Italian and UK users. By December it will be available in the US and by January 2014 it will be available in Brazil.